Table 5

Effect of Time Preferences on Planned Retirement Age

	Planned Retirement Age
	(1)	(2)	(3)	(4)	(5)	(6)
Inconsistency indicator	−0.365	−0.327			−0.141	−0.206
	(0.17)^**	(0.17)^*			(0.16)	(0.16)
Impatience		−0.172		−0.172	−0.181	−0.158
		(0.05)^***		(0.05)^***	(0.05)^***	(0.05)^***
Number inconsistent answers			−0.236	−0.221
			(0.08)^***	(0.08)^***
Age					−0.053	−0.026
					(0.01)^***	(0.01)^*
Age × Incon. indicator					−0.034	−0.032
					(0.01)^***	(0.01)^**
Gender						−0.038
						(0.23)
Married						−0.395
						(0.21)^*
Number of children						0.051
						(0.14)
Education						0.495
						(0.13)^***
Income [log]						−0.447
						(0.13)^***
Risk aversion						0.091
						(0.08)
Loss aversion						−0.127
						(0.07)^*
Financial literacy						−0.122
						(0.08)
Life expectancy						0.042
						(0.02)^**
Private pension insurance						−0.552
						(0.17)^***
Constant	65.114	65.763	65.123	65.780	67.862	67.155
	(0.11)^***	(0.22)^***	(0.10)^***	(0.22)^***	(0.45)^***	(2.19)^***
R²	0.002	0.006	0.003	0.008	0.057	0.074
Observations	2,111	2,104	2,111	2,104	2,104	2,046

Notes: The table shows the results of six OLS regressions with planned retirement age as the dependent variable. All variables are as defined in the Appendix. Age × Incon. indicator is the interaction between age and the inconsistency indicator. Robust standard errors are displayed in parentheses. Significance: ^*p < 0.1, ^**p < 0.05, ^***p < 0.01.